Operation Red Spider 2: Modus operandi, allegations and targets

A look at how Cobrapost went about Operation Red Spider 2

Online media firm Cobrapost.com today made money laundering allegations against a wider set of banks and financial institutions and lashed out against the government and regulatory agencies’ attempt to play down its similar expose’ in March.

How the Cobra Bit

• Cobrapost Associate Editor Syed Masrur Hasan took an alias as Rajesh Sharma.
• Sharma aka Hasan told unsuspecting private banking officials that he was fronting a minister.
• He told them the minister’s imaginary wives Nita and Vandana wanted to deposit black money.
• Several officials of all three banks in some 40 centres across the country readily bought the story.
• They readily offered solutions from opening of multiple bank accounts, investment plans, overseas remittance.
• They promised to create ‘channels’ through which eventually, Sharma will get his money back in white.
• They also offered huge lockers, where Sharmaji can stash up to a few crores in cash.

  What Cobra claims

• Money laundering sold as a product
• Bulk of insurance money in these banks is black money
• It has hundreds of hours of evidence
• Severe connivance of top management
• Clear violation of IPC and PMLA
• RBI, finmin trying to give clean chit
• Law of land subverted on parliament street itself

 
Whom did Cobra bite?
PSU Banks named:

1. SBI
2. Bank of Baroda
3. Punjab National Bank
4. Canara Bank
5. Indian Bank
6. IOB
7. Central bank of India
8. IDBI Bank
9. Oriental Bank of Commerce
10. Allahabad Bank
11. Corporation bank
12. Dena bank

Private Sector banks:

1. Yes Bank
2. Dhanlaxmi Bank
3. Federal bank
4. DCB Bank
5. ICICI Bank*
6. HDFC Bank *
7. Axis Bank*

Insurance Companies:

1. LIC
2. Reliance Life
3. Birla Sunlife
4. Tata AIG

*- named in earlier expose also